JetBlue Airways Corporation reported its results for the first quarter of 2023 today which showed New York's hometown airline generated record operating revenues of $2.3 billion, up 34.1% year-over-year. During the first quarter of the carrier's capacity increased by 9.0% year-over-year.
Reported adjusted EPS for the first quarter of 2023 which exceeded guidance, with strong operational and financial execution. First quarter revenue was approximately 4% points better than the midpoint of initial outlook, and CASM ex-Fuel was 1.8% points better than the midpoint of initial outlook.Announced the planned launch of new service later this summer from New York's John F. Kennedy International Airport and Boston Logan International Airport to Amsterdam Airport Schiphol, JetBlue's third transatlantic market debut.Announced our plan to further expand in Florida, following our planned combination with Spirit, to reach more than 250 daily flights at Fort Lauderdale-Hollywood International Airport (FLL) and 200 daily flights at Orlando International Airport, supporting significant job creation in Florida.Opened Paisly hotel and car rental booking tool to any travelers independent of a JetBlue itinerary.Announced a leading Shell Aviation agreement for the delivery of 10 million gallons of blended sustainable aviation fuel (SAF) – at Los Angeles International Airport (LAX) over the next two years beginning in the first half of 2023, with an option to purchase more.Acted as the only airline to help execute the first-ever collective purchase of SAF certificates alongside Bank of America, Boom Supersonic, Boston Consulting Group, JPMorgan Chase & Co., Meta and clean energy nonprofit, RMI.Rated by leading shareholder advisory firm ISS in its Tier 1 category for high performance against industry peers with respect to our management of “Carbon and Climate,” as a result of our recent Science Based Target to reduce GHG emissions (by 50% per revenue ton kilometer by 2035, as compared to 2019).Recognized by Newsweek as one of America's greatest workplaces for women and for diversity, earning 4.5 and 5 stars, respectively.Brought our signature Fly Like a Girl Campaign to Fort Lauderdale for the first time to support Women’s History Month, which brought ~100 young children together to learn about career opportunities in aviation.
JETBLUE AIRWAYS CORPORATION | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(in millions, except per share amounts) | ||||||||
(unaudited) | ||||||||
|
|
|
|
| ||||
| Three Months Ended March 31, |
| Percent Change | |||||
|
| 2023 |
|
| 2022 |
|
|
|
OPERATING REVENUES |
|
|
|
|
|
| ||
Passenger | $ | 2,182 |
| $ | 1,603 |
| 36.1 |
|
Other |
| 146 |
|
| 133 |
| 9.4 |
|
Total operating revenues |
| 2,328 |
|
| 1,736 |
| 34.1 |
|
|
|
|
|
|
|
| ||
OPERATING EXPENSES |
|
|
|
|
|
| ||
Aircraft fuel and related taxes |
| 765 |
|
| 571 |
| 34.1 |
|
Salaries, wages and benefits |
| 741 |
|
| 688 |
| 7.7 |
|
Landing fees and other rents |
| 160 |
|
| 132 |
| 21.1 |
|
Depreciation and amortization |
| 151 |
|
| 143 |
| 5.6 |
|
Aircraft rent |
| 32 |
|
| 26 |
| 24.4 |
|
Sales and marketing |
| 76 |
|
| 57 |
| 32.8 |
|
Maintenance, materials and repairs |
| 176 |
|
| 152 |
| 15.2 |
|
Other operating expenses |
| 357 |
|
| 334 |
| 6.9 |
|
Special items |
| 112 |
|
| — |
| NM |
|
Total operating expenses |
| 2,570 |
|
| 2,103 |
| 22.2 |
|
|
|
|
|
|
|
| ||
OPERATING LOSS |
| (242) |
|
| (367) |
| (34.1) |
|
|
|
|
|
|
|
| ||
Operating margin |
| (10.4) % |
|
| (21.1) % |
| 10.7 | pts |
|
|
|
|
|
|
| ||
OTHER INCOME (EXPENSE) |
|
|
|
|
|
| ||
Interest expense |
| (46) |
|
| (37) |
| 23.3 |
|
Interest income |
| 17 |
|
| 4 |
| NM |
|
Gain on investments, net |
| 3 |
|
| 2 |
| 47.4 |
|
Other income |
| 2 |
|
| — |
| NM |
|
Total other expense |
| (24) |
|
| (31) |
| 20.5 |
|
|
|
|
|
|
|
| ||
LOSS BEFORE INCOME TAXES |
| (266) |
|
| (398) |
| (33.1) |
|
|
|
|
|
|
|
| ||
Pre-tax margin |
| (11.4) % |
|
| (22.9) % |
| 11.5 | pts |
|
|
|
|
|
|
| ||
Income tax benefit |
| (74) |
|
| (143) |
| (47.8) |
|
|
|
|
|
|
|
| ||
NET LOSS | $ | (192) |
| $ | (255) |
| (24.8) |
|
|
|
|
|
|
|
| ||
LOSS PER COMMON SHARE: |
|
|
|
|
|
| ||
Basic | $ | (0.58) |
| $ | (0.79) |
|
|
|
Diluted | $ | (0.58) |
| $ | (0.79) |
|
|
|
|
|
|
|
|
|
| ||
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
| |||
Basic |
| 327.6 |
|
| 320.5 |
|
|
|
Diluted |
| 327.6 |
|
| 320.5 |
|
|
|
JETBLUE AIRWAYS CORPORATION | |||||||||
COMPARATIVE OPERATING STATISTICS | |||||||||
(unaudited) | |||||||||
|
|
| |||||||
| Three Months Ended March 31, | Percent Change | |||||||
|
| 2023 |
|
| 2022 |
|
| ||
Revenue passengers (thousands) |
| 10,192 |
|
| 8,177 |
| 24.6 | ||
Revenue passenger miles (RPMs) (millions) |
| 13,375 |
|
| 10,927 |
| 22.4 | ||
Available seat miles (ASMs) (millions) |
| 16,769 |
|
| 15,383 |
| 9.0 | ||
Load factor |
| 79.8 % |
|
| 71.0 % |
| 8.8 | ||
Aircraft utilization (hours per day) |
| 11.1 |
|
| 9.9 |
| 12.1 | ||
|
|
|
|
|
| ||||
Average fare | $ | 214.07 |
| $ | 195.99 |
| 9.2 | ||
Yield per passenger mile (cents) |
| 16.31 |
|
| 14.67 |
| 11.2 | ||
Passenger revenue per ASM (cents) |
| 13.01 |
|
| 10.42 |
| 24.9 | ||
Revenue per ASM (cents) |
| 13.88 |
|
| 11.29 |
| 23.0 | ||
Operating expense per ASM (cents) |
| 15.32 |
|
| 13.67 |
| 12.1 | ||
Operating expense per ASM, excluding fuel (cents)(1) |
| 9.99 |
|
| 9.87 |
| 1.2 | ||
|
|
|
|
|
| ||||
Departures |
| 87,481 |
|
| 78,393 |
| 11.6 | ||
Average stage length (miles) |
| 1,199 |
|
| 1,231 |
| (2.6) | ||
Average number of operating aircraft during period |
| 278.2 |
|
| 282.0 |
| (1.3) | ||
Average fuel cost per gallon, including fuel taxes | $ | 3.50 |
| $ | 2.90 |
| 20.8 | ||
Fuel gallons consumed (millions) |
| 219 |
|
| 197 |
| 11.1 | ||
Average number of full-time equivalent crewmembers |
| 20,167 |
|
| 19,304 |
| 4.5 | ||
(1) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure. Operating expenses, and special items. | |||||||||
JETBLUE AIRWAYS CORPORATION | ||||||||
SELECTED CONSOLIDATED BALANCE SHEET DATA | ||||||||
(in millions) | ||||||||
|
|
|
| |||||
| March 31, |
| December 31, | |||||
| 2023 |
| 2022 | |||||
| (unaudited) |
|
| |||||
Cash and cash equivalents | $ | 1,333 |
| $ | 1,042 | |||
Total investment securities |
| 357 |
|
| 522 | |||
Total assets |
| 13,227 |
|
| 13,045 | |||
Total debt |
| 3,579 |
|
| 3,647 | |||
Stockholders' equity |
| 3,373 |
|
| 3,563 | |||